Merck’s $11.5bn Acceleron Buy Partially Fills Future Keytruda Revenue Gap
Deal Expands Existing Cardiovascular Portfolio
The company announced the biggest biopharma M&A deal of the year so far, but Merck will need more large deals to manage declining sales when its top-selling product faces biosimilars in 2028.
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Even without Lagevrio, Merck's base business grew by double digits; the company raised its revenue guidance for the year.
Public Company Edition: Only nine drug developers went public in the US, raising $807m in the first quarter, versus 32 IPOs raising $5.2bn in Q1 of last year. Also, MoonLake closed its SPAC merger, Sanofi priced €650m in sustainability-linked bonds in €1.5bn note sale, and Kaleido will cease operations.
Headwinds may be growing for private company investment, but investors at the BIO CEO & Investor conference remain optimistic about the general outlook.